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Marseilles treasurer reports $2.56 million operating balance, revenues ahead of budget
Summary
Treasurer Craig Hepner told the Marseilles Elementary School District #150 Board on Nov. 17 that the district had $2.56 million in its operating account as of Oct. 31 and that year-to-date revenue was about 18% over budget largely due to timing of real estate tax receipts.
Treasurer Craig Hepner told the Marseilles Elementary School District #150 Board on Nov. 17 that "The balance in the operating account as of October 31 was $2.56 million, which represents an increase of $199K from the balance at September 30." He reported October receipts of $934,000, including $314,000 in real estate tax receipts, $296,000 in General State Aid and $65,500 in Personal Property Replacement Tax. Hepner said revenue was running roughly 18% over budget year-to-date through the first four months, driven primarily by the timing of tax receipts; about 96.5% of budgeted real estate tax revenue had been received, with late collections expected in a subsequent distribution.
Hepner also said expenditures in October totaled $716,000 and that the district's CD investment yield as of Oct. 31 was 3.93%, about two basis points lower than at the end of September. The financial update included a brief athletics status noting that several school teams are in season. The board took no separate action on the financial report beyond approving consent items later in the meeting.
